Gce Model Questions Vol1 2023 Economics Question 34
Practice objective / multiple choice question 34 from the 2023 Gce Model Questions Vol1 Economics examination.
An industry has total cost \(TC = 0.05Q^{3} - 0.3Q^{2} + 10Q + 200\) (in million Naira) and faces market demand \(P = 150 - 0.5Q\) (price per unit, Q in million units).\n\n(a) Determine the profit‑maximising output level, the corresponding price and the profit earned.\n(b) At that output, is the marginal cost increasing, constant or decreasing?
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This is Gce Model Questions Vol1 2023 Economics Question 34. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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